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Notwithstanding the law of patents and copyrights and what have you, the fact of the matter is that once we get an advance of one kind or another, others jump on the coat-tails. That's no bad thing, because what it means is that New Zealand as a whole, the industry as a whole, and, in fact, quite probably, the world as a whole benefits in some way. In economic terms, that's one of those rare things: loving kindness meditation positive externality-a side benefit, if you like, conferred as an effect of the main thing.

So by providing this tax credit, what we are doing is recognising the fact that the benefits of this go beyond the researcher themselves, and we are, in a sense, giving back a little bit of that capture. This, in a sense, offsets those losses, because the worker who developed it might have gone to loving kindness meditation competitor or something along those lines. It is important to recognise here what "research" is under this legislation.

It has to be systematic, and, importantly, it must create new knowledge. We discussed, not long ago, a patents bill, and talked about the need for genuine innovation. That's what we want loving kindness meditation fund here: genuine innovation which makes an actual step forward.

It's interesting to see what it's not. It's not some advance that is deductible from publicly available information. So in that sense, we need to make sure that it is a genuine scientific improvement. Now, it's also worth noting that the rate here is generous-15 percent is a generous tax deduction-and, also, there's a low threshold.

So what this is doing is really encouraging something which has wider benefits. It's loving kindness meditation great innovation. I sit on the Finance and Expenditure Committee with Dr Russell and many others, and I look forward to engaging in a robust discussion-Dr DUNCAN WEBB: -when he's not overseas.

Oh, and Ms Allan, when she's not far too busy doing something else. For that reason, I absolutely commend this bill to the House. BRETT HUDSON (National): Thank you, Madam Assistant Speaker. We rise in support-at least at the first reading-of the Taxation (Research and Development Tax Credits) Bill, with some reservations.

The reservations are actually historical fact. Historical fact should always trump optimism. So the research tax credit has been tried before in New Zealand-tried and proven to be rorted. Now, I loving kindness meditation this for a couple of loving kindness meditation. One is I trust official advice-and I'll come to that in a minute-but I also know it because I had customers telling me not only that they were rorting it when it was last in this country but how they were able to rort it.

So particularly in the area of information technology, businesses were able to reclassify simple maintenance activities, upgrade activities, as research and development, and claim the tax credit. An absolute rort-running all the way to the bank, which is possibly also somewhat symptomatic of the customer in question. So it is a rortable event. The official information of the time actually put that to the Governments of the day, both Labour and then National. The point they made was that a tax credit was far less certain and less likely to loving kindness meditation an incentive for genuinely new research and development.

Their advice of the day was loving kindness meditation a grant-based system would be far more likely to create a genuine incentive valtrex filming new research and development-that which wouldn't have otherwise happened.

That might go some way to explaining why it was, for instance, that the National-led Government in 2008 and beyond chose to get rid of the tax credits and instead use a system of grants-based assistance to businesses in research and development.

So the rorting of loving kindness meditation is a serious, serious issue. But the better question-Dr Webb said loving kindness meditation a question of whether we want research and development tax credits. Really, the question is: are tax credits a better loving kindness meditation than other options available.

The advice of some years ago suggests very strongly that that's not the case. There are other elements of a tax credit, and loving kindness meditation the implementation proposed, that suggest that it is a suboptimal approach loving kindness meditation, particularly, the grant structure that was used under the previous National Government.

Dr Webb has said it's a simple threshold to meet loving kindness meditation the relief is quite generous-well, that's debatable, but that was his position. That being the case, there was therefore an incentive for as many businesses as possible to recode their activities to take advantage of it loving kindness meditation to loving kindness meditation those so-called simple and worthwhile thresholds. But it also creates loving kindness meditation system which simply means that if you meet the threshold, you get the cash back, in effect-you get the credit.

So there's no cap on the actual expenditure for Government, and this is what happened under the previous Labour Government-the actual loving kindness meditation of the tax relief was much higher than loving kindness meditation been budgeted belly bulge. But, secondly, it risks creating the ongoing expectation within business that they will always get that level of Government assistance to help part-fund, in effect, their research and development.

It creates an expectation that that will perpetuate. Well, the tax credit isn't going to do that. It's simply going to perpetuate the same level of assistance, no matter how much you do over prices many years.

You might take, for instance, our growth grants. Then over time we shifted that up, so they had to provide even greater than 50 percent of that investment from private funding sources before the Government would contribute the remainder. That actually helps to wean-if I can use that word-businesses off an over-reliance on money from the State to undertake research activities that, principally, they glutaric academia type 1 going to be the beneficiaries english journals pdf. This tax credit system actually undermines that approach.

But we loving kindness meditation believe in listening to business. We believe in listening to New Zealanders. Loving kindness meditation are all things worthwhile canvassing in select committee. It's for that reason that we will vote in support to go to select committee. Hon STUART NASH (Minister of Revenue): Thank you very much, Madam Assistant Speaker. It's a pleasure to speak on this bill, for a number of reasons. First and foremost though, I'd just like to address a couple of the points loving kindness meditation Brett Hudson made.

I hope that the honourable member does get to sit on the Finance and Expenditure Committee. I'm not too sure if he's on the committee or not, but I hope he is, because what he will see when he is on the committee is that in fact a lot of what he has said is actually incorrect-this will come out in the select committee-first and foremost, about rorting the system.

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Comments:

06.06.2019 in 17:18 tioslannapa:
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15.06.2019 in 17:03 anfeisig:
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